Economy of Zimbabwe

Economy of Zimbabwe
Sam Nujoma Street in Harare
CurrencyZimbabwe Gold
calendar year
Trade organisations
AU, AfCFTA, WTO, SADC, COMESA
Country group
Statistics
PopulationIncrease 16,942,006 (April 11, 2024 est)[3]
GDP
  • Increase $47.08 billion (nominal, 2023 est.)[4]
  • Increase $66.0 billion (PPP, 2023 est.)[5]
GDP rank
GDP growth
  • 5.3% (2021)
  • 4.5% (2022)[4]
  • 5.3% (2023e)
  • 5.2% (2024e)

[6]

GDP per capita
  • Increase $2,860 (nominal, 2023 est.)[4]
  • Increase $3,928 (PPP, 2023 est.)[7]
GDP per capita rank
GDP by sector
172.2% (2023 est.)[4]
Population below poverty line
  • 1.0% (2017)[9]
  • 1.0% on less than $3.20/day (2017)[10]
44.3 medium (2017)[11]
Labour force
  • Increase 6,560,725 (2023)[14]
  • 58.6% employment rate (2022)[15]
Labour force by occupation
Unemployment
  • 11.3% (2014 est.)[8]
  • data include both unemployment and underemployment; true unemployment is unknown and, under current economic conditions, unknowable[8]
Main industries
mining (coal, gold, platinum, copper, nickel, tin, clay, numerous metallic and non-metallic ores), steel; wood products, cement, chemicals, fertilizer, clothing and footwear, foodstuffs, beverages, cattle, cows
External
ExportsIncrease $6.59 billion (2022 est.)[16]
Export goods
platinum, cotton, tobacco, gold, ferroalloys, textiles/clothing
Main export partners
ImportsIncrease $8.68 billion (2022 est.)[18]
Import goods
machinery and transport equipment, other manufactures, chemicals, fuels, food products
Main import partners
FDI stock
  • Increase $3.86 billion (31 December 2017 est.)[8]
  • Increase Abroad: $309.6 million (31 December 2017 est.)[8]
Decrease −$716 million (2017 est.)[8]
Negative increase $14.01 billion (23 February 2023)[20]
Public finances
Positive decrease 58.47% of GDP (2022 est.)
−9.6% (of GDP) (2017 est.)[8]
Revenues
  • ZWL58.2 trillion (proposed for 2024)
  • US$10.0 billion (official rate $1:5,790 (Nov 2023))
  • US$6.26 billion (parallel market $1:9,300 (Nov 2023))
[21]
Expenses5.5 billion (2017 est.)[8]
Economic aidrecipient: $178 million; note – the EU and the US provide food aid on humanitarian grounds (2000 est.)
Increase $431.8 million (31 December 2017 est.)[8]
All values, unless otherwise stated, are in US dollars.
Zimbabwean exports in 2006

The economy of Zimbabwe is a gold standard based economy. Zimbabwe has a $44 billion dollar informal economy in PPP terms which translates to 64.1% of the total economy.[22] Agriculture and mining largely contribute to exports. The economy is estimated to be at $73 billion at the end of 2023.[23]

The country has reserves of metallurgical-grade chromite. Other commercial mineral deposits include coal, asbestos, copper, nickel, gold, platinum and iron ore.[24]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 10 October 2020. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Zimbabwe Population(Live)". Worldometer.
  4. ^ a b c d "Zimbabwe Datasets". International Monetary Fund.
  5. ^ "Zim GDP Set To Reach US$66 Billion". TechnoMag. 2023-11-21. Retrieved 2024-01-17.
  6. ^ "2024 budget strategy paper: Zim's future looks bleak".
  7. ^ "Zim GDP hits US$66bn – the Herald".
  8. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 26 January 2021. Retrieved 7 July 2019.
  9. ^ "Poverty headcount ratio at national poverty lines (% of population) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 30 November 2020. Retrieved 21 March 2020.
  10. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 4 December 2019. Retrieved 21 March 2020.
  11. ^ "GINI index (World Bank estimate) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 31 July 2020. Retrieved 21 March 2020.
  12. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 27 June 2016. Retrieved 11 December 2019.
  13. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 11 December 2019.
  14. ^ "Labor force, total – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 1 August 2020. Retrieved 4 December 2019.
  15. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Zimbabwe". data.worldbank.org. World Bank. Archived from the original on 4 December 2019. Retrieved 4 December 2019.
  16. ^ "Zimbabwe - export of goods 2012-2022".
  17. ^ "Zimbabwe | Imports and Exports | World | ALL COMMODITIES | Value (US$) and Value Growth, YoY (%) | 2011 - 2022". 28 January 2024.
  18. ^ "Zimbabwe - import of goods 2012-2022".
  19. ^ "Zimbabwe | Imports and Exports | World | ALL COMMODITIES | Value (US$) and Value Growth, YoY (%) | 2011 - 2022". 28 January 2024.
  20. ^ "Zimbabwe committed to debt reduction". www.reuters.com.
  21. ^ "Zimbabwe Plans 14-Fold Increase in Spending to Aid Economy". Bloomberg. 30 November 2023.
  22. ^ "Zimbabwe". World Economics. Retrieved 2024-01-17.
  23. ^ "Zimbabwe | GDP | 2023 | 2024 | Economic Data". World Economics. Retrieved 2024-05-01.
  24. ^ "Southern African Development Community :: Zimbabwe". sadc.int. Archived from the original on 31 August 2018. Retrieved 31 August 2018.